The Science Based Targets initiative (SBTi) is advancing the development of an Oil and Gas Standard to guide the sector in setting and achieving emission reduction targets aligned with climate science. With the oil and gas industry responsible for 85% of CO2 emissions and significant methane output, the SBTi emphasizes the urgent need for the sector to radically transform to meet the Paris Agreement’s goal of limiting global temperature rise to 1.5°C.

The SBTi’s project focuses on supply, demand, and finance, encouraging oil and gas companies to reduce emissions from fossil fuel production while urging financial institutions to transition their investments towards clean energy. Supported by an Expert Advisory Group, the standard aims to empower the industry to take ambitious climate action, playing a crucial role in global decarbonization efforts.